Income tax slab fy 2024-2025

In India only 3.8% Govt & Public Sector Employment where as in USA China ?

Govt & Public Sector Employment India - 3.8% USA - 16% UK - 18.2% China - 28% Russia - 40.6% Cuba - 77% Even Capitalist Countries offer more Govt & Public Sector Jobs, while in India, they actually cutting Govt & Public Sector Jobs.

Govt/Public Banks made 5 times more Operating Profit of the Govt Capital Infusion in last 15 Years.

 

Public Sector Banks to Adopt a Uniform Disciplinary Action Format for Employees

The government of India is trying its best to introduce uniform policies for public sector banks. Last year the Government had introduced New Transfer Policy for Employees so that transfers happen with transparency. Now, the Government is planning to introduce a uniform disciplinary action format for Public Sector Bank 

State-run banks across India are planning to introduce a standard format and procedure for handling disciplinary actions against their employees. This move aims to create a clear and consistent way of managing such cases across all Public Sector Banks (PSBs).

Why Are Banks Moving Toward a Uniform Disciplinary Process?

Right now, while all PSBs follow the general guidelines set by the Central Vigilance Commission (CVC), each bank has its own way of conducting disciplinary proceedings. This means the process and timelines can differ from one bank to another, causing confusion and inconsistency.

To address this, a working group formed by the banks is currently finalizing a new set of guidelines. These rules will include a uniform disciplinary action format and a standard operating procedure (SOP), which is expected to be implemented by June this year.

According to a bank official familiar with the discussions, the banks have shared their best practices related to employee discipline. Based on this, they are working on creating a common process that all PSBs will follow. This will help ensure that disciplinary actions are fair and transparent for everyone involved.

The new procedures will also include recommendations from an internal committee led by DC Jain, a former special director of the Central Bureau of Investigation (CBI). This committee provided suggestions on how banks should handle cases under the Prevention of Corruption Act.

Benefits of a Standardized Disciplinary Process

One key benefit of adopting a uniform disciplinary system is that it will prevent arbitrary or biased actions by management. As one anonymous bank executive explained, having a clear and consistent procedure means that disciplinary actions cannot be random or unfair. This will increase trust and accountability within banks. Once the guidelines are finalized, they will be approved by the board of directors of each bank before being officially put into use

DISCUSSIONS WITH IBA ON MEDICAL INSURANCE SCHEME

CBI Arrests Bank Officer in UP for Demanding Bribe in Rs.5 Lakh Mudra Loan Case

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A major case of bribery has come to light in Deoria district of Uttar Pradesh. On Friday, the Central Bureau of Investigation (CBI) arrested a bank officer from the Central Bank of India’s Bangra Bazaar branch red-handed while he was taking a bribe. The officer, identified as Prince Kumar Jha, was caught accepting ₹15,000 in cash as illegal payment.

According to officials, the CBI’s anti-corruption team had received a complaint about the officer demanding a bribe in exchange for clearing a government-backed Mudra loan application. Based on this information, a team was sent to Deoria, where they conducted a planned operation and caught the accused in the act.

Complaint by Local Businessman Led to Action

The incident came to light after Meraj Alam, a local resident and businessman from Bangra Bazaar, filed a written complaint with the CBI. He stated that a Mudra loan of ₹5 lakh had been approved for his brother’s firm, Zakir Hussain Ansari and Meraj Alam Vastralaya.

When Meraj went to the Central Bank of India branch on May 5 to collect the loan amount, officer Prince Kumar Jha allegedly demanded a bribe of ₹20,000 for processing the loan disbursement.

CBI Laid Trap After Verification

After receiving the complaint, the CBI conducted a preliminary investigation to verify the facts. Once the allegations were confirmed, a trap was set. On Friday afternoon, the CBI team caught Prince Kumar outside the bank premises while he was taking a bribe of ₹15,000.

Along with the arrest, the CBI also conducted raids at the officer’s residence and other locations linked to him. These searches were part of a broader investigation into potential corruption and misuse of official position.

Court Proceedings and Next Steps

After the arrest, the accused was taken into custody and will be presented before the CBI special court in Lucknow on Saturday. Further investigation is underway to find out if there are other people involved in the bribery or if more such incidents have occurred at the bank branch.

What Is a Mudra Loan?

A Mudra loan is a government scheme that offers financial assistance to small and micro businesses. It is part of the Pradhan Mantri Mudra Yojana (PMMY) and is meant to support self-employment and entrepreneurship. These loans are typically given without collateral, making them attractive for small traders and shopkeepers.

Unfortunately, some officials misuse their authority by demanding bribes to release such loans, which are meant to help the common people. The CBI’s action in this case is a strong step toward stopping corruption in banking services.

RBI to Issue New Rs.20 Notes with Governor Sanjay Malhotra’s Signature

The Reserve Bank of India (RBI) has announced that it will soon issue new ₹20 denomination banknotes under the Mahatma Gandhi (New) Series, featuring the signature of Shri Sanjay Malhotra, the current Governor of RBI.

According to the RBI, the design of the new notes will remain the same as the existing ₹20 notes in the Mahatma Gandhi (New) Series. There will be no changes in features or security elements, apart from the updated signature.

The RBI also clarified that all existing ₹20 notes, including those issued in the past, will continue to be legal tender and can be used for all financial transactions.

This move is part of the RBI’s routine update process following the appointment of a new Governor.

INDIA’S MOST PROFITABLE BANK

Canara Bank Manager Booked for Fraud, Customer Claims Rs.2 Crore Not Deposited in Account

In a serious case of alleged fraud and breach of trust, a customer has accused a Canara Bank manager of failing to deposit over ₹2 crore into his account, despite receiving the money. The complaint led to a formal case being registered at the Kotwali police station against the Branch Manager of Canara Bank’s Belanganj branch, Abhitabh Kumar, and other involved staff.

What Happened in the Case?

The matter came to light after Yogesh Bansal, a resident of Kinari Bazar in the Kotwali area, filed a complaint in court. Yogesh had been operating a cash credit account with Canara Bank’s Belanganj branch since 2019. He claimed he had been regularly repaying the dues on time.

However, starting from April 30, 2023, the bank allegedly began charging excess interest and additional fees without informing him. When he asked for a copy of his loan agreement to verify the charges, the bank staff reportedly refused to provide it.

The Undeposited Payments

Yogesh further claimed that he gave three large payments to the Chief Manager of the bank in the presence of other employees to be deposited in his account:

• ₹80 lakh on November 8, 2024
• ₹62.50 lakh on November 12, 2024
• ₹64.50 lakh on November 13, 2024

Despite handing over these amounts personally, the money was never deposited into his account. When Yogesh protested, he was allegedly threatened by the bank official, who also warned that his property would be auctioned if he continued to complain.

Legal Action Ordered by Court

Feeling cheated and harassed, Yogesh approached the court. The Additional Chief Judicial Magistrate (ACJM-4) reviewed the case and ordered the police to take action. Following the order, the Kotwali police registered a case of fraud, criminal breach of trust, and other relevant charges against the bank manager and others involved.

Employee Compulsorily Retired for Allegedly Mishebaving at Work, Court cancels order

The Patna High Court recently gave relief to a CISF constable, ruling that the punishment of compulsory retirement given to him for alleged misbehavior was too harsh and disproportionate. The court said this kind of punishment can violate the fundamental rights of a person and directed the concerned authorities to consider a less severe penalty.

What Happened?

Deo Narayan Singh, a constable at the CISF Unit in Dhanbad, was accused of misbehaving with a loading clerk named Sahdeo Thakur during duty hours. He was also accused of being absent from his post during a night shift and having a physical altercation with the clerk.

A charge sheet was issued against him under Rule 36 of the CISF Rules, and three charges were made:

1. He was absent from duty for two hours on 29 July 2010.
2. He left his post and got into a quarrel with the clerk around 1 AM.
3. He had received 11 punishments earlier for various disciplinary violations, marking him as a habitual offender.

A departmental inquiry found him guilty, and as a result, he was given the punishment of compulsory retirement with full pension and gratuity. His appeals were rejected, and he eventually filed a writ petition in the High Court.

What Did the Constable Argue?

Narayan Singh, through his lawyer Bhairaw Sharma, said the punishment was too extreme for the charges. He also claimed that the inquiry process was unfair and went against the principles of natural justice. He said:

• No proper chance was given to cross-examine witnesses.
• There was no preliminary enquiry or show-cause notice.
• The inquiry process was one-sided.

He also referred to a similar case (Union of India v. R.K. Sharma) where the court had struck down a similar harsh punishment.

What Did the Government Say?

The government’s lawyer argued that:

• The constable had failed to get relief through appeal or revision.
• There was no proof that the enquiry process was faulty.
• The penalty was justified based on his behavior and record.

What Did the Court Decide?

The single-judge bench of Justice Purnendu Singh made the following observations:

• There was no clear proof that Narayan Singh was given a fair chance to present his side.
• While the charges were proved, the punishment of compulsory retirement was considered too harsh.
• The court cited a Supreme Court ruling which said that even in cases of unauthorized absence, the employee should be treated as in service till they complete the required time for pension.

The judge also noted that:

• An unfair or excessive punishment can violate Article 21 (Right to Life and Liberty) of the Constitution.
• If the punishment is unreasonable, it also violates Article 14 (Right to Equality).

Final Decision

The court quashed the retirement order and sent the case back to the Disciplinary Authority, asking them to reconsider the punishment and impose a lesser penalty.

Why This Matters

This judgment is a reminder that disciplinary actions in government jobs must be fair and in line with constitutional rights. While misconduct must be addressed, the punishment should always be proportionate to the offense and carried out in a way that respects the principles of natural justice.

Big News for Startups! Now you can get Free Loans upto Rs.20 crore

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There is a good news for startups in India. The Government of India has increased the limit of collateral-free startup loans to Rs.20 crore.

The Indian government has approved an updated Credit Guarantee Scheme for Startups (CGSS), which will now give startups even more support in getting loans. The most important change is that the maximum guarantee per borrower has been doubled from ₹10 crore to ₹20 crore.

This scheme is designed to help startups get loans without the need for collateral (security). Many startups struggle to get loans because they don’t have assets to offer as security. With this scheme, the government promises to cover part of the risk for banks, NBFCs, and financial institutions, making it easier for them to lend money to startups.

What is the purpose of the CGSS?

The main goal of the Credit Guarantee Scheme for Startups is to give startups access to loans and credit facilities without needing to pledge assets. The government steps in as a guarantor, covering a portion of the loan if the startup fails to repay. This makes banks and lenders feel safer and more willing to support early-stage companies.

Who can benefit from the scheme?

The scheme applies to startups that are eligible under the rules, and the lenders include banks, financial institutions (FIs), non-banking financial companies (NBFCs), and alternative investment funds (AIFs) that are part of the scheme.

What are the key updates?

Here’s a simple breakdown of the major updates:
✅ Maximum guarantee per borrower: Increased from ₹10 crore to ₹20 crore.
✅ Guarantee cover (amount the government promises to cover if the borrower defaults):

• 85% for loans up to ₹10 crore
• 75% for loans above ₹10 crore
  ✅ Annual Guarantee Fee (AGF): For startups in 27 key sectors called “champion sectors,” the fee has been reduced from 2% to 1% per year.

Why is this important?

Startups often need money to fund research, development, innovation, and new technologies. But lenders see startups as risky, so they hesitate to give loans. With this updated scheme, the government helps reduce the risk for lenders, which encourages them to provide more funding to young businesses. This also supports India’s goal of becoming a hub for innovation and entrepreneurship.

When does the new rule start?

The new notification replaces the earlier one from October 6, 2022, and comes into effect from May 8, 2025.

How does this fit into the bigger picture?

The change was first proposed in the Union Budget 2025–26 as part of efforts to boost startup funding in India. By giving startups easier access to loans, the government hopes to boost job creation, promote innovation, and strengthen India’s position as a global startup powerhouse.

How to apply for startup loan?

You can easily apply for startup loan by visiting any branch of your bank. Some Banks like SBI also provide opportunity to apply for startup loan online.